Southcoast Hospitals Sued by Workers Over Retirement Plan Fees

Four former employees of Massachusetts-based Southcoast Hospitals Group filed a federal lawsuit accusing the company of mismanaging its $886 million retirement plan by filling it with overly expensive investment options and charging excessive administrative fees.

The proposed class action, filed Monday in the U.S. District Court for the District of Massachusetts, claims Southcoast plan fiduciaries failed to adequately monitor the fees and performance of the plan’s investment options and remove funds that were imprudent. They also failed to meaningfully consider replacing the plan’s actively managed funds with less expensive passive funds or take action to rein in the plan’s “astronomical” ...